Astion Pharma lines up phase III trial and US partner

2006.03.27

Privately backed biotech company Astion Pharma is preparing to put its leading drug candidate into phase III trials and has a possible US partner waiting in the wings

Biotech company Astion Pharma has quietly lined itself up to bring its first drug to market and possibly achieve a stock exchange listing, reports financial daily newspaper Børsen. On relatively modest means procured from private investors the Copenhagen based firm is preparing to put its leading drug candidate into phase III clinical studies in humans, while a major partnership agreement in the US is in the offing. Meanwhile Neurosearch's investor relations chief Henrik Moltke will step aboard as Astion Pharma's new financial director at the beginning of April.

Astion Pharma is planning to do its own product marketing in Europe, and thereby function as a fully integrated biopharmaceutical firm. Henrik Moltke comments: "I see Astion Pharma as an uncut diamond. There are further capital resources on the way, and in a year or two the company can have its leading project into phase III with a partner in the US. It opens the way to a bourse listing although it is not an absolute necessity."

According to its 2004 annual accounts, Astion Pharma is owned by its founder and MD Morten Weidner (75%) together with investment firm Acturus. DKK 75 m (USD 12 m) was apparently raised in new capital last year, supplemented this year with a further DKK 17 m (USD 2.7 m) in cash.

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